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Started By
Message
sep ira
Posted on 2/21/24 at 7:18 am
Posted on 2/21/24 at 7:18 am
looking to start a sep IRA this year for tax purposes. Any recs on where to start on?
Posted on 2/21/24 at 10:01 am to TJG210
quote:
Fidelity
The only negative is they do not track contributions by “tax year.”
I do it.
I usually make a contribution after April 15 as a head start on that tax year. I do not know the full contribution until after the first of the next year when I calculate profit, taxes, etc
I just keep up with it myself.
Posted on 2/21/24 at 12:29 pm to trident
a solo401k is better. been explained here ad infinitum.
do not open it with any brokerage which limits your investments
There are companies that will write you up a QRP. solo 401k trust with a ROTH sub account if needed
open checking account at a bank.
now you can invest in what you want. checkbook control being you are the trustee and plan administrator.
do not open it with any brokerage which limits your investments
There are companies that will write you up a QRP. solo 401k trust with a ROTH sub account if needed
open checking account at a bank.
now you can invest in what you want. checkbook control being you are the trustee and plan administrator.
Posted on 2/21/24 at 3:49 pm to Fat Bastard
quote:
a solo401k is better. been explained here ad infinitum.
That’s an opinion, not a fact.
Posted on 2/21/24 at 7:55 pm to slackster
quote:
That’s an opinion, not a fact.
so more in contributions is bad?
Posted on 2/21/24 at 8:14 pm to Fat Bastard
quote:
so more in contributions is bad?
You act like that’s the only determining factor. You don’t even know if he’s eligible.
Even if he is, your entire suggestion of setting up a 401k trust account to write checks is insane for 95% of people. We know you love real estate, which is where you’re going with that idea, but you just dropped this guy off in the deep end of a pool and you don’t even know if he can swim.
This post was edited on 2/21/24 at 8:17 pm
Posted on 2/21/24 at 8:30 pm to Fat Bastard
quote:
a solo401k is better. been explained here ad infinitum.
That’s an opinion, not a fact.
quote:
so more in contributions is bad?
More in contributions is not across the board. It depends on the circumstances of the self employment income and the other income that you are earning
Posted on 2/21/24 at 8:47 pm to trident
quote:
looking to start a sep IRA this year for tax purposes. Any recs on where to start on?
What made you go with SEP? Also, are you looking to do one for 2023 - you still have ample time.
This post was edited on 2/21/24 at 8:48 pm
Posted on 2/22/24 at 10:25 am to TJG210
If anyone on this thread has a SEP IRA through Fidelity, would you mind providing more information? I am looking into this.
Easy to set up?
Contributions can either be made traditional or Roth?
Good investment options?
Decent option if you are probably looking to hire an employee(s) in couple years?
Provide a tax form?
Thank you.
Easy to set up?
Contributions can either be made traditional or Roth?
Good investment options?
Decent option if you are probably looking to hire an employee(s) in couple years?
Provide a tax form?
Thank you.
Posted on 2/22/24 at 11:51 am to tigerforever7
quote:
Easy to set up?
Yes
quote:
Contributions can either be made traditional or Roth
No
Only traditional
quote:
Good investment options?
Yes. Fidelity has many options
quote:
Decent option if you are probably looking to hire an employee(s) in couple years?
Pass. Don't have an opinion. But you probably need at least a discussion about the long game with lawyer and accountant types to plan
quote:
Provide a tax form
You probably need a tax advisor or accountant for paperwork. Especially for deductions to make the SEP optimal
Posted on 2/22/24 at 11:57 am to molsusports
quote:
No Only traditional
Secure 2.0 allows for Roth SEP contributions but very few places (none to my knowledge) are allowing them due to a lack of clarity from IRS.
Posted on 2/22/24 at 12:02 pm to slackster
I am not aware of any major investment companies offering the roth sep. I may have missed a change that I would benefit from
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